$MEI

METHODE ELECTRONICS INC

CIK:0000065270|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Income Statement [Abstract]
Net sales	$ 265.4	$ 240.5
Cost of products sold	217.7	197.0
Gross profit	47.7	43.5
Selling and administrative expenses	45.9	36.6
Amortization of intangibles	5.7	5.8
Income (loss) from operations	(3.9)	1.1
Interest expense, net	5.2	5.9
Other expense (income), net	(1.8)	1.3
Pre-tax income (loss)	(7.3)	(6.1)
Income tax expense (benefit)	4.1	4.2
Net income (loss)	$ (11.4)	$ (10.3)
Income (loss) per share:
Basic	$ (0.32)	$ (0.29)
Diluted	(0.32)	(0.29)
Cash dividends per share	$ 0.05	$ 0.07

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Operating activities:
Net income (loss)	$ (11.4)	$ (10.3)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	14.1	14.9
Stock-based compensation expense	2.1	1.2
Amortization of debt issuance costs	0.4	0.3
Partial write-off of unamortized debt issuance costs	0.0	0.6
Gain on sale of property, plant and equipment	0.0	(0.5)
Inventory obsolescence	2.7	1.7
Change in deferred income taxes	(0.8)	0.5
Other	0.1	(1.0)
Changes in operating assets and liabilities:
Accounts receivable, net	(0.7)	28.3
Inventories, net	(9.3)	2.8
Prepaid expenses and other assets	8.0	6.2
Accounts payable	1.7	(6.2)
Other liabilities	(14.7)	(13.4)
Net cash provided (used) by operating activities	(7.8)	25.1
Investing activities:
Purchases of property, plant and equipment	(3.1)	(7.1)
Proceeds from disposition of assets	0.0	1.3
Net cash provided (used) by investing activities	(3.1)	(5.8)
Financing activities:
Taxes paid related to net share settlement of equity awards	(0.3)	(0.4)
Repayments of finance leases	(0.1)	(0.1)
Debt issuance costs	0.0	(1.6)
Cash dividends	(1.8)	(2.8)
Proceeds from borrowings	10.0	78.5
Repayments of borrowings	(20.1)	(78.1)
Net cash provided (used) by financing activities	(12.3)	(4.5)
Effect of foreign currency exchange rate changes on cash and cash equivalents	(0.2)	2.7
Increase (decrease) in cash and cash equivalents	(23.4)	17.5
Cash and cash equivalents at beginning of the period	139.6	103.6
Cash and cash equivalents at end of the period	116.2	121.1
Cash paid during the period for:
Interest	5.0	4.8
Income taxes, net of refunds	4.4	5.7
Operating lease obligations	$ 2.4	$ 2.2

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Aug. 01, 2026	May 02, 2026
Current assets:
Cash and cash equivalents	$ 116.2	$ 139.6
Accounts receivable, net	256.4	257.3
Inventories, net	184.6	178.7
Income tax receivable	2.9	3.2
Prepaid expenses and other current assets	24.3	21.2
Total current assets	584.4	600.0
Long-term assets:
Property, plant and equipment, net	202.9	209.3
Goodwill	173.5	174.9
Other intangible assets, net	211.4	218.9
Operating lease right-of-use assets, net	19.4	20.5
Deferred tax assets	39.1	39.5
Pre-production costs	16.0	18.2
Other long-term assets	17.0	24.8
Total long-term assets	679.3	706.1
Total assets	1,263.7	1,306.1
Current liabilities:
Accounts payable	136.9	134.1
Accrued employee liabilities	36.3	49.1
Other accrued liabilities	44.8	45.6
Short-term operating lease liabilities	8.9	8.9
Short-term debt	0.2	0.2
Income tax payable	15.2	15.6
Total current liabilities	242.3	253.5
Long-term liabilities:
Long-term debt	310.3	324.8
Long-term operating lease liabilities	13.8	14.8
Other long-term liabilities	5.2	5.8
Deferred tax liabilities	29.0	29.7
Total long-term liabilities	358.3	375.1
Total liabilities	600.6	628.6
Shareholders' equity:
Common stock, $0.50 par value, 100,000,000 shares authorized, 36,841,566 shares and 36,806,583 shares issued as of August 1, 2026 and May 2, 2026, respectively	18.4	18.4
Additional paid-in capital	202.2	200.1
Accumulated other comprehensive loss	(11.4)	(8.8)
Treasury stock, 1,346,624 shares as of August 1, 2026 and May 2, 2026	(11.5)	(11.5)
Retained earnings	465.4	479.3
Total shareholders' equity	663.1	677.5
Total liabilities and shareholders' equity	$ 1,263.7	$ 1,306.1